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Consider entering a game and acquiring a virtual asset with real-world worth. Thanks to Decentraland (with its MANA coin), it’s already a reality.
Decentraland, which is based on blockchain technology, has come a long way since its beginnings in 2015. It’s the first gaming project to allow users to acquire virtual land, buy NFTs, and construct anything from a casino to hotels on the land they’ve purchased. It ensures that the user retains entire control of the virtual assets he/she purchases on the site.
What Exactly Is Decentraland (MANA)?
If you’ve ever played Second Life or traded cryptocurrencies, Decentraland may be of interest to you since it’s an amalgamation of both concepts. Since its inception in 2016, the platform has grown from a simple 2D experiment into a massive 3D universe.
Decentraland (MANA) is an Ethereum-based virtual reality platform that allows users to produce, enjoy, and monetize content and apps. Users in this virtual world purchase plots of land that they may then roam, build on, and monetize.
Estaban Ordano and Ari Meilich, the creators of Decentraland, have built a virtual area with digital real estate plots, objects, and other customizable assets. All of these are available for purchase with MANA, Decentraland’s ERC-20 token.
Decentralanders can purchase MANA on many exchanges for either cryptocurrency or fiat currency. ERC-721 non-fungible tokens reflect Decentraland’s unique assets, such as LAND property and other valuable items.
How to buy Mana in India?
Log in to your WAZIRX account and select INR from the “Exchange” option to purchase MANA. This is a spot market for all cryptocurrencies matched against the Indian rupee. On the right side of the screen, you will see all price charts, order book data, and an order input form.
Fill out the buy order form and click “Buy MANA“. It will take some time for the order to be carried out. As soon as the order is exchanged, you will receive the MANA coins.
#1 Sign Up on WazirX
Click here to start creating a free account.
#2 Fill Details to Start Creating Account
Start by filling up your current user mail id, so you don’t miss out on any verification steps.
Generate a secure password with alpha-numeric characters.
#3 Email Verification and Account Security Setup
Proceed with account creation after verifying the email address added (by clicking on the verification link sent to the email address).
You must configure your account security. WazirX provides two choices for account security.
You have the option of selecting either option. However, the authenticator app is more secure than mobile SMS, subject to delayed reception and the danger of SIM card hacking.
#4 Choose a Country
Choose India (country) and either “skip now” or “complete KYC” based on your investment needs.
If you have not completed the KYC process, you can only deposit and trade through your WazirX account. However, to be able to withdraw and trade P2P, you must first complete KYC.
To complete KYC, you must submit a few details:
- Full name as it appears on the KYC paperwork
- The birth date
- Address as it appears on the KYC paperwork
- Scanned copy of your KYC documents and a selfie to finish the procedure.
PS: Within 24 to 48 hours, the account is usually validated.
#5 Transfer funds to your WazirX account
WazirX wallet accepts deposits in INR using IMPS, UPI, RTGS, and NEFT. You can deposit a minimum of Rs. 100 in your WazirX account, and there is no maximum limit.
Log in and select “Funds” to deposit INR into your account. Select “Rupee INR” and then click “Deposit.” For this, you must link your bank account to your WazirX account.
Decentraland: The Basics
Decentraland is an online environment that combines virtual reality and blockchain technologies. Unlike other online games, participants directly influence the online world’s rules. Token holders may vote directly on in-game and organizational decisions through the DAO. This process has an impact on everything, from the sorts of products permitted to DAO treasury investments.
Non-fungible tokens represent in-game valuables such as clothing, objects, and LAND, the game’s virtual real estate. These tokens are stored in users’ crypto wallets and can be sold to other users on the Decentraland Marketplace.
Apart from trading commodities and property, players may decorate their area with games, activities, and artwork that others can interact with. There is also the possibility of monetizing your LAND. It is entirely up to each player to select what they want to accomplish with their narrative.
Decentraland offers a wide range of applications, including advertising and content curation. However, the barriers to entry for new players wishing to get started with NFTs are significant. The Ethereum gas fee nearly doubles the price of some cosmetic things. Land prices can potentially reach hundreds of dollars, making ownership out of reach for certain gamers.
Cryptocurrency trading has a high level of market risk. Please make sure you do a thorough risk assessment before trading listed tokens since they are prone to extreme price fluctuation.
Decentraland (MANA): Future Potential
Mana’s price climbed from just $0.40 in August 2020 to more than $4 in November 2021. Today, it has a total market capitalization of about $650 million, making it the 31st most valuable cryptocurrency.
Facebook’s focus on the metaverse can be the catalyst for the majority of MANA’s recent price gain. It seems to have now decoupled from Bitcoin’s price movement and continues to rally even when Bitcoin corrects.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
